March 27, 2019 / 12:34 AM / 4 months ago

Cathay Pacific to buy budget airline HK Express for $628 mln

SINGAPORE, March 27 (Reuters) - Cathay Pacific Airways Ltd said on Wednesday it had agreed to buy Hong Kong Express Airways Ltd from cash-strapped conglomerate HNA Group for HK$4.93 billion ($628.1 million), giving it a foothold in the fast-growing budget travel market.

Cathay said earlier this month it was in “active discussions” about the acquisition.

The purchase price is comprised of HK$2.25 billion of cash and HK$2.68 billion of non-cash consideration through the issue and novation of promissory loan notes, Cathay said. ($1 = 7.8487 Hong Kong dollars) (Reporting by Jamie Freed; Editing by Stephen Coates)

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